Monday, July 30, 2007

Is Russia One Of The Richest Countries

...According to the forecast, if the country shifts its economic orientation from raw materials to innovation, its gross domestic product will grow by an average of 6.7% a year, putting the Russian economy into the world's top five. At that rate, the country's economy will grow two-and-a-half times by 2020, giving it an annual per capita GDP of $30,000 - no less than Western Europe and North America.

Some experts smirk at the forecast for its starry-eyed idealism-but Russia's present-day and recent economic growth rates back it up. GDP has been adding almost 7% annually for the last eight years, exceeding the most optimistic projections of government experts and other analysts. The Economic Development and Trade Ministry has forecast a 6.5% growth rate for this year. It will certainly be greater than that-the Kremlin and the Cabinet expect 7-8%.

... Academic economists are even more optimistic in their forecasts. They expect GDP growth to stay within a range of 7.9-8.3% in 2007-30. They see only one drawback in the development strategy: it does not specify the factors that will bring about this huge economic growth.
From SpaceWar